In a two-person repeated game, a tit-for-tat strategy is
a. When each player pursues his or her own self-interest without any cooperation
b. When players start off as non-cooperative and then cooperate when one or both players show interest in colluding
c. When players start off by cooperating and then mimic the other player's last move
d. With neither players defecting
c
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The Consumer Price Index (CPI) relies on the calculation of
A) prices of a variable basket of goods that changes frequently. B) prices of a fixed basket of goods that does not change often. C) the components of GDP that change annually. D) the components of GDP that do not change frequently.
The Index of Economic Freedom measures the market concentration in an economy
a. True b. False Indicate whether the statement is true or false
PriceQuantity Demanded$4300$3400$2500$1600Refer to the above data. What is the elasticity of demand between the prices of $4 and $3?
A. 0.2 B. 2 C. 0.5 D. 1
(Last Word) Art Buchwald's article "Squaring the Economic Circle" humorously describes how:
A. a person's decision not to buy an automobile eventually reduces many people's incomes, including that of the person making the original decision. B. a price increase on a single product eventually leads to rapid inflation. C. an increase in imports eventually leads to a greater increase in exports. D. a government tax rate increase eventually results in the government collecting less tax revenue than before the tax rate hike.